After the Merge update, long-term investments in the Ethereum network continue to increase. On-chain tracker Glassnode has found that the amount of ETH locked by investors has reached an all-time high. Glassnode alerts, the unofficial Twitter account of the data tracker, shared the important metric in the morning.
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 25,937,766 ETH
View metric:https://t.co/SzbMPqvhlb pic.twitter.com/zjXhEe8fPa
— glassnode alerts (@glassnodealerts) July 18, 2023
Glassnode Alerts
The total value locked in ETH 2.0 contracts reached an all-time high of 25,937,766 ETH.
Ethereum Inflation Is Over!
Ethereum staking activities, which have been fully implemented with the Merge update, have almost zeroed the inflation of the cryptocurrency. The largest altcoin project in the crypto world does not have a supply limit like Bitcoin. While the unlimited supply has caused massive inflation rates for most altcoins, the Ethereum Merge update has overcome this issue.
Ethereum supply.Current data reveals that the supply of ETH has been decreasing since September 2022. As of September 2022, the cryptocurrency had a supply of 120.53 million units, according to YCharts. However, we see that this figure has decreased by 300 thousand, far from increasing.
According to the law of supply, which forms the basis of the economy, if the quantity of a good in circulation decreases while the demand does not change, the price of the product rises. Therefore, if demand similar to the past occurs in a bull run, the ETH price is likely to move up.
ETH Price
Ethereum, the most recognized cryptocurrency after Bitcoin, is negative on the second day of the week.
ETHUSDT chart.ETH, which lost the support of $ 1,913 the other day, may sell up to the level of $ 1,830 unless there is a buying reaction. ETH is currently trading at $1,890.
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